Bloomberg News

Bradesco Drops Bid for HSBC’s Losango in Brazil, Estado Says

January 02, 2012

Dec. 30 (Bloomberg) -- Banco Bradesco SA has dropped its bid for HSBC Holding Plc’s Brazil consumer-finance unit, O Estado de S. Paulo said.

HSBC considered the offer of about 600 million-reais ($321 million) for the unit, called Losango, too low and would not agree to take on costs of future labor lawsuits as Bradesco had proposed, Estado reported, without saying how it obtained the information.

--Editor: Richard Richtmyer

To contact the reporter on this story: Fabiola Moura in New York at fdemoura@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net


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